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Sam Ourfalian Appointed President of SemanticSpace

(February 24, 2012)

HYDERABAD, INDIA -- (Marketwire) -- 02/24/12 -- SemanticSpace, a specialized solutions provider, today announced that Sam Ourfalian has been named President and will assume immediate responsibility. Satya Bolli will continue as Chairman and Managing Director of SemanticSpace.

Mr. Ourfalian had previously served as CIO of Home Loans and Insurance at Bank of America, one of the world's largest financial institutions. At Bank of America, Mr. Ourfalian was responsible for all technology functions, including administration, strategy, planning and execution for their mortgage banking and insurance divisions. Prior to the merger of Countrywide Financial Corporation and Bank of America, Mr. Ourfalian was CIO of Countrywide Financial where he spent over 16 years in several technology executive positions.

"This is a huge win for SemanticSpace. With over 25 years of experience in executive leadership roles, as well as roots within IT, Mr. Ourfalian brings exactly the kind of management expertise, strategic vision, industry experience and relationships that SemanticSpace needs," said Satya Bolli, Chairman and Managing Director of SemanticSpace. "We believe we are well positioned with the right management team, business model and strategy to take SemanticSpace's brands -- Prolifics, Arsin and SST -- to the next level and bring value to our clients across the world."

"I am excited to take on the challenge of leading the company, helping it to evolve and build on the reputation that it has already developed through innovative solutions for its customers," said Mr. Ourfalian. "As the IT landscape changes daily, SemanticSpace has the right mix of real-world experience and expertise with technologies, to assist customers to be successful with their IT strategies."

About SemanticSpace -

SemanticSpace is a specialized solutions provider offering a variety of solutions and services in mainly three areas: Application Services, Independent Verification and Validation Services (IVV) and Systems Integration (SI) Solutions in the Application Infrastructure and Middleware space. Comprised of three key brands for its IBM, Microsoft and Testing Divisions -- Prolifics, SST and Arsin respectively -- SemanticSpace has presence in the US, Europe and Asia.

"Semantic Space Technologies Limited is proposing, to make an initial public offering of its equity shares, subject to statutory approvals and markets conditions, and has filed the Draft Red Herring Prospectus ("DRHP") with the Securities and Exchange Board of India ('SEBI'). A copy of the DRHP is available on the website of SEBI, and the Book Running Lead Managers, Any potential investor should note that investment in equity shares involves a high degree of risk. For details, refer to the DRHP, including the section titled "Risk Factors". This press release does not constitute an offer of securities for sale in any jurisdiction, including the United States."

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